Music Industry Revenue Growth Back at Britpop Levels, BPI saysApril 16, 2018
Revenue for UK record companies in 2017 notched up levels of growth not seen since the Britpop boom, according to industry association the BPI.
Combined takings from streaming, downloads, physical sales and licensing for use in films, TV and computer games rose 10.6% to £839m.
The main contributor to growth was streaming, which increased by 41.1%.
Revenues from streaming reached £388.8m, overtaking those from physical formats (£310.4m) for the first time.
However, revenue from the sale of vinyl records rose 24%, meaning that the market for vinyl is now one-fifth of the size of the CD market.
The rate of growth in music industry income was the fastest since 1995, when revenues increased by 10.7% on the back of Britpop bands such as Oasis, Blur and Pulp.
Now, record companies are banking on the success of stars such as Stormzy and Ed Sheeran, whose album Divide was the most popular record in all formats last year.
However, the BPI pointed out: "It should be noted that total income remains nearly one-third lower than the peak year of 2001, when it topped £1.2bn."